(CNN) - Karl Rove predicted Sunday that former Alaska Gov. Sarah Palin is likely to run for president and will make her decision known soon.

Rove, the former top political adviser to President George W. Bush and co-founder of American Crossroads, a conservative political action committee, said Palin's upcoming trip to Iowa and recent web video are evidence she is gearing up for a run.
"I'm not much of a gambler, but I'd put a little more money that she gets in than if she doesn't," Rove told "Fox News Sunday."

If Palin, who was the vice presidential candidate on the 2008 Republican ticket, doesn't make a decision shortly, people will assume she is not running and withhold their support, Rove said.

"You can only tease so many times in the political process, and I think she is getting to the end of that," Rove said.

Palin has flirted with a White House bid for months, even launching a bus tour in early presidential contest states.

Most recently, she attended the Iowa State Fair on the same weekend as the high stakes Ames Straw Poll. The video her political action committee released Friday showcased her trip to the first-in-the-nation caucus state.